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4. Richard Lewis Inc pays its employees monthly. The payroll information listed below is for January 2021, the first month of Lewis' fiscal year.
4. Richard Lewis Inc pays its employees monthly. The payroll information listed below is for January 2021, the first month of Lewis' fiscal year. Assume none of the employees' earnings reached $7,000 during the month. Salaries Federal income taxes to be withheld $80,000 16,000 Federal unemployment tax rate (FUTA) 0.80% State unemployment tax rate (after FUTA deduction) 5.40% Social security tax rate 6.2% Medicare tax rate 1.45% The journal entry to record payroll for the January 2022 pay period will include a debit to payroll tax expense of: 6.. Roy has $4,000,000 of notes payable due on March 11, 2021, which Roy intends to refinance. On January 5, 2017, Roy signed a line of credit agreement to borrow up to $3,500,000 cash on a two-year renewable basis. On the December 31, 2020, balance sheet, Roy should classify:
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